guild-tttFender guitars is unstrapping one of its most familiar makes–Guild guitars—and is in the process of finalizing the sale of the 61-year-old acoustic-guitar brand to Cordoba Music Group, makers of Cordoba acoustic guitars, ukuleles and other accessories.

The move was announced in a press statement today by Fender officials, who called Cordoba a “great fit” for Guild, which was founded in New York in 1953 by Alfred Dronge, a specialist in jazz guitars.

“It was important for us to find a great steward to continue the important legacy of Guild guitars,” said Fender Musical Instruments Corporation’s interim CEO Scott Gilbertson.

Officials from Fender, which purchased Guild in 1995, said Guild operations will “continue as usual during the transition process.”

Following completion of the sale, Cordoba Music Group is expected to begin manufacturing Guild guitars at its facility in Oxnard, California.

Cordoba Music Group president Jonathan Thomas says he’s “excited and honored” to move forward with “an iconic American brand.”

“We will continue to make [Guild] instruments of exceptional quality in the USA,” said Thomas, “and look forward to giving one of the industry’s great American brands a new home.”

It’s been a news-making few weeks for Fender and its subsidiary brands. On April 23, Fender announced the closing of its Ovation-guitar production facility in New Hartford, Connecticut, citing “current market conditions” for the move. At that time, the company announced that Guild guitars, also made at the New Hartford site, “will transition to other facilities at a later date.”